Doğuş Automotive’s Net Profit Plummets 35% as Sales and Margins Collapse

Doğuş Automotive Service and Trade Inc. (DOAS) saw its net profit plunge 35% in the first half of 2026, forcing investors to take a second look.

Sales Slide: 18% Decline

■2026 H1 TL 113,143,951,000 sales, versus TL 138,326,836,000 in the same period of 2025.

■Year‑on‑year -18%.

■Driven by soft demand in the automotive market and FX volatility.

Gross Margin & EBITDA: Eroding Profitability

■Gross profit TL 14,063,060,000, down from TL 18,284,617,000; -23%.

■EBITDA TL 6,635,297,000, versus TL 9,242,078,000; -28%.

■The out‑performance of profit decline relative to sales signals rising input costs and tighter vehicle margins.

Balance Sheet Stress: Debt Rises, Equity Holds

■Net debt TL 32,227,304,000, up from TL 29,516,138,000; +9%.

■Equity TL 74,341,347,000, up +2% from TL 72,563,897,000.

■Total assets TL 153,337,021,000, a ~1% dip from the prior quarter.

Cash Flow Surprise: Strong Monetary Position

■Net monetary position TL 1,649,505,000 gain, versus a -TL 186,465,000 loss a year ago.

■Attributed to favorable FX gains and tighter short‑term liquidity management.

Market Metrics: Valuation Ratios & Stock Moves

■Share price TL 169.20, market cap roughly TL 37.2 bn.

■P/E 15.18, P/B 0.50, EV/EBITDA 4.72.

■Price peaked at TL 189.55 on June 11, bottomed at TL 162.70 on May 21, indicating notable intra‑month volatility.

Analyst Take (Aylin Güneş): The profit erosion at Doğuş Automotive reflects broader sector headwinds and cost pressures. The sharp improvement in net monetary position mitigates short‑term liquidity concerns. Investors should weigh the low PD/DD against the elevated EV/EBITDA, viewing the stock as a potential value play with upside from dividend yield and possible buy‑back programs, fitting a long‑term core allocation.